TUKTU RESOURCES LTD. ANNOUNCES CLOSING OF SOUTHERN ALBERTA LIGHT OIL ASSET PURCHASE IN THE ALBERTA THRUST BELT

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF SECURITIES LAWS./

CALGARY, AB, March 20, 2023 /CNW/ - Tuktu Resources Ltd. ("Tuktu" or the "Company") (TSXV: TUK) is pleased to announce the closing of the acquisition of assets owned and operated by an arm's length private company in the southern Alberta Foothills (the "Assets") as previously announced in a press release on December 8, 2022.

As consideration for the Assets, Tuktu issued 10 million units of the Company ("Units"), which Units are comprised of one common share ("Common Share") of the Company and one purchase warrant ("Warrants"). The Units were issued at a deemed price of $0.12 per Unit. The Warrants will be exercisable at $0.30 per Common Share for a period of three (3) years. No cash was paid by Tuktu in respect of the Assets as a result of customary transaction adjustments.

About Tuktu Resources Ltd.

Tuktu is an Alberta corporation whose common shares are currently listed on the TSXV under the trading symbol "TUK". For additional information about Tuktu please contact:

Tuktu Resources Ltd.
501, 888 – 4th Avenue S.W.
Calgary, Alberta T2P 0V2

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

All amounts in this press release are stated in Canadian dollars unless otherwise specified.

SOURCE Tuktu Resources Ltd.

Tim de Freitas, President and Chief Executive Officer (phone [phone]); or Mark Smith, CFO and VP Finance (phone [phone])